Allan Domb and his highly reputable real estate brokerage firm have been known throughout the United States as key contributors to Center City Philadelphia’s luxury condominium market. Today, Allan continues to specialize in Center City luxury condominium sales in buildings such as: 10 Rittenhouse, 1706 Rittenhouse, 1820 Rittenhouse, 1830 Rittenhouse, 1900 Rittenhouse, 220 West Rittenhouse Square, Academy House, The Bank Building, The Barclay, The Dorchester, Hopkinson House, Independence Place, The Lanesborough, The Lippincott, The Murano, Parc Rittenhouse, The Philadelphian, Pier 3, Pier 5, The Rittenhouse, Society Hill Towers, Symphony House, Wanamaker House and The Warwick Condominiums.

(Allan Domb’s Key to a Successful Investment Portfolio):

Over the years, many people have decided to add real estate to their investment portfolios, with Center City condominiums being their investment of choice. Many bought anywhere from 10 to 40 investment condominiums in Center City. As a result of their performance, numerous buyers have shifted their investment focus from mutual funds and the stock market to Center City condominiums in core neighborhoods.

In fact, one investor recently did an analysis and determined that the $350,000 they invested ten years ago in condominiums is worth about $1,000,000 today and produces an annual income of $60,000. They also did analysis that showed if they had invested the same $350,000 in the stock market over the past ten years it would be worth approximately $450,000 today with no real annual cash flow. Let me say that again…the condos produced $550,000 of equity greater than their stock option and produced the annual cash flow of $60,000!

Condos were a Great investment over the last 10 years (was it: 2006 - 2016 ?)

Allan Domb’s Key to a Successful Investment Portfolio:

===========

EXCERPT:

Over the years, many people have decided to add real estate to their investment portfolios, with Center City condominiums being their investment of choice. Many bought anywhere from 10 to 40 investment condominiums in Center City. As a result of their performance, numerous buyers have shifted their investment focus from mutual funds and the stock market to Center City condominiums in core neighborhoods.

In fact, one investor recently did an analysis and determined that the $350,000 they invested ten years ago in condominiums is worth about $1,000,000 today and produces an annual income of $60,000. They also did analysis that showed if they had invested the same $350,000 in the stock market over the past ten years it would be worth approximately $450,000 today with no real annual cash flow. Let me say that again…the condos produced $550,000 of equity greater than their stock option and produced the annual cash flow of $60,000!

It’s still better to buy than rent in Philadelphia.Courtesy of Shutterstock

Philly’s real estate market has experienced a record-breaking year with home prices hitting an all-time high since the Great Recession, but buying is still a better deal than renting, according to a new analysis.

Trulia’s latest Rent vs. Buy report finds that it’s 50.8 percent cheaper to buy than rent in Philadelphia. It’s ranked 9th in U.S. cities where buying a house beats renting an apartment.

In fact, it was just one of two Northeast cities that made the cut. The rest of the U.S. metros where it’s cheaper to buy are located in the south.

In the U.S. overall, buying is still a better bet. For folks who move every seven years and can put 20 percent down, it’s 37.7 percent cheaper to buy than rent.

That $1,300 monthly rent in Philly may sound a bit off to some renters. But to come up with that number, Trulia included monthly rent, renter’s insurance, and one-time costs (i.e. security deposits) in their calculation. They also accounted for general inflation, which they suggest averages about 2 percent a year.

It should also be noted that Trulia calculated the median home values and rents using March 2016 numbers. Since then, Philly’s home values hit an all-time high in the second quarter, with the median price rising to $145,000.

So what’s this all mean? The researchers write:

Homebuyers should also be more concerned about prices outpacing rents than any possible rate hike by the end of the year. This is because the tipping point for rates is proportionally much higher than the tipping point for prices. In other words, rates would have to go up much more than prices for the costs of buying a home to be parity with the cost of renting. [...] Still, we think either scenario – aggressive price or rate increases – is unlikely to play out anytime soon.

So you can still get your money’s worth around here by buying, even with this city’s hot real estate market. But keep an eye on those rising house prices.

Philadelphia City Hall. Philly still has many classic buildings, reflecting its rich history. The William Penn statue had a special significance.

Designed to be the world's tallest building, it was surpassed during construction by the Washington Monument and the Eiffel Tower, though it was at completion the world's tallest habitable building. It was the first modern building (excluding the Eiffel Tower) to be the world's tallest and also was the first secular habitable building to have this record: all previous world's tallest buildings were religious structures...

City Hall was the tallest in Philadelphia from 1901 until 1987, when it was surpassed by One Liberty Place ending an unspoken, gentlemen's agreement that limited the height of buildings in the city to be no higher than William Penn's hat atop City Hall.

The most expensive home for sale in Philly clocks in at 5,400 square feet and features just two bedrooms, two full baths, and two half baths. The surprisingly small number of bedrooms—one is the master, the other is a guest suite—leaves extra room for huge walk-in closets and dressing rooms, as well as a balcony off the master that looks out to the property’s equally large garden. It originally hit the market in September 2016 and has been on and off the market since. It also happens to be located right next to the Nelson building and the Ritz-Five movie theater, of which developer Tom Scannapieco plans to build his latest high-rise.

Jaws dropped when this penthouse on the 32nd floor of 10 Rittenhousehit the market in early October for $15 million. And it wasn’t because of the 9,000-square-foot interior, which is a nearly raw space—the 360-degree views were and are the most impressive. The penthouse is indeed hooked up for heating, cooling, and plumbing, and that price tag comes with architectural plans to turn the space into an actual home.